1. Rabox sells plastic deck chairs. The following operating expenses were provided for the month of April 2016: Sales salaries $25,000 Advertising 3% of monthly sales Sales commissions 2.5% of monthly sales Delivery expenses $2,500 Rent expense $10,500 Amortization $580 Utilities $800 Insurance $1,200 Telephone $600 The company budgets cost of goods sold to be 55% of total sales. Expected sales for April and May are $850,000 and $925,000, respectively. The company maintains a merchandise inventory of 20% of the following months cost of goods sold. The company's income tax rate is 30%. Instructions a) Prepare a merchandise purchases budget for April 2016. b) Prepare a budgeted income statement for April 2016, showing details for cost of goods sold